Nonprofit Insurance Program

Cyber Liability and How it Benefits You

By Alexa Connelly
August 03, 2015

Owning your own website is wonderful, but it comes with potentially high risks. One of those risks being a hacker that attacks your site an pulls important information from it such as customer names, contact information, social security numbers, mailing addresses, passwords, tax information and bank account numbers. Worst of all, you have no access to your own website and no way of taking orders from clients or collecting payments if your website is for business purposes. So what do you do to help protect yourself from situations like this? You get cyber liability insurance.

What is cyber liability insurance?

Cyber liability insurance is coverage that helps protect you when your website is hacked or under a cyber attack. The coverage a cyber liability insurance company can offer you are:

  • Coverage for Business Interruptions that Causes Losses
  • Help Notifying Customers of a Breach in the Website
  • Financial Means to Pay the Expenses of a Lawyer to Help Repair any Damage to Your Reputation or Image during the Attack
  • Coverage for Regulatory Fines or Fees that Might Occur During a Cyber Attack
  • Financial Means and Services to Rebuild the Website and Put a Firewall in Place to Protect Your Network
  • Coverage for Any Electronic Items Damaged During the Attack such as Laptops, Phones, iPads that obtain Damaging Viruses
  • Employment Liability Coverage

What is the average price range for cyber insurance?

If you are thinking liability insurance is too expensive think about all the money you could be losing if an attack were to happen to your company” website. The average price range for liability insurance is as low as $2,000 a year and as high as $10,000, but it all depends on the plan you choose and the type of coverage you want. Know matter what coverage you choose any kind of cyber liability insurance will help you in some way if an attack does occur.

End Thoughts to Keep in Mind

Keep in mind having cyber liability insurance is not just to protect you, but also your company, your clients and your financial assets. Remember, not having any insurance coverage for your cyber needs can be costly and cause you too lose everything if an attack does happen and you have no financial means to get back what is so rightfully yours or restarted again with the proper security measures in place to protect against future hackers and cyber attacks.

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